I was a Strong Buy after the October 2025 rout. With Microsoft up nearly 40% since my last coverage, I'm still bullish, but I'm cutting conviction because the macro changed. I've seen the AI agent story before. Microsoft may monetize this wave (or not), but three years of forgotten agent launches make me skeptical. I want one clean proof point next quarter. Copilot paid seats moving well above 30 million, with management saying Autopilot actually drove the increase.
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